G-24 Meeting: Pakistan calls for reform of international financial architecture

Finance Minister Muhammad Aurangzeb, speaking in his capacity as First Vice-Chair of the G-24 at the Finance Ministers and Central Bank Governors’ Meeting, held on the sidelines of the World Bank Group–IMF Annual Meetings 2026 in Bangkok, Thailand, highlighted the challenges facing developing economies, including fragmentation disrupting trade and investment, climate shocks eroding development gains, restrictive financial conditions and widening financing gaps.

He reaffirmed Pakistan’s commitment, as incoming Chair of the G-24, to strengthening the group’s collective influence and advancing the interests of developing economies.

He stressed that reform of the international financial architecture must keep pace with these challenges and called for timely support for countries undertaking difficult reforms while confronting external shocks beyond their control.

The finance minister outlined three priorities for the G-24 focused on restoring development as the central objective of the international financial system, making the Bretton Woods institutions more representative and responsive, and building a development-oriented international financial architecture.

Appreciating Nigeria’s leadership, he emphasised cooperation among members and institutional partners to advance a more representative, resilient and development-centred international economic order.

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Meanwhile, speaking at the World Bank’s roundtable on “Transforming Demographic Transition into Human Capital Gains and Job Creation,” Aurangzeb stressed the urgency of addressing Pakistan’s rapid population growth and its implications for health, education and employment.

Drawing on experiences from Indonesia, Bangladesh and Iran, he highlighted women’s education, workforce participation and engagement with religious leaders on birth spacing as key priorities.

He outlined the establishment of a National Population Council led by the prime minister and emphasised coordinated federal and provincial action, sustained political commitment and measurable outcomes to bring fragmented initiatives into a comprehensive framework and translate demographic transition into stronger human capital and employment opportunities.

The finance minister emphasised that realising Pakistan’s demographic dividend requires a skilled workforce and private-sector-led growth that creates jobs.

He highlighted freelancing, IT-enabled services and digital skills as opportunities to boost youth earnings and exports, stressing the need for an integrated approach to population, health, education and employment.

In a separate engagement with Sultan Abdulrahman Al-Marshad, Chief Executive Officer of the Saudi Fund for Development (SFD), the finance minister expressed condolences over the loss of life in recent incidents in Saudi Arabia and thanked the Kingdom for its longstanding support to Pakistan.

He highlighted Pakistan’s improving macroeconomic position and renewed access to international capital markets. Discussions focused on expanding trade and investment, strengthening private-sector engagement, following up on the bilateral investment protection agreement and exploring opportunities for refinery upgrades.

Both sides noted satisfactory progress on SFD-supported projects and emphasised the importance of developing a fresh pipeline of projects. The SFD reaffirmed its continued support to Pakistan within its mandate.

Aurangzeb also held discussions with Imad Fakhoury, IFC Regional Vice President for the Middle East and Central Asia, focused on strengthening IFC support for private-sector-led growth and jobs, and translating macroeconomic stability into sustainable growth.

The meeting reviewed IFC’s expanding portfolio, small-business financing, entrepreneurship, capital markets, and green and digital bonds. The finance minister reaffirmed commitment to Reko Diq and appreciated IFC’s financing leadership.

Discussions also covered mining infrastructure and value addition, affordable housing and developer financing, and agricultural development through improved storage, cold chains and electronic warehouse receipt financing. Both sides explored greater private-sector participation in livestock development and support for pharmaceutical exports through stronger regulatory standards and investment.

Infrastructure cooperation focused on public-private partnerships in water services, advanced electricity metering and financing mechanisms for provincial projects.